See a complete list of Homes for sale in Lake Oswego.
My disclaimer: I'm not an attorney or a CPA. I just do a lot of short sales and therefore have formed an opinion. And you know what they say about opinions!
Private mortgage insurance (PMI for short) can be a really big road block in short sales. Sometimes it's not even obvious that there is pmi on a loan until they step in at the last moment. The problem is that the banks want the pmi coverage, but pmi doesn't have to cover losses until the home is foreclosed on. This causes the banks to ask the pmi company to allow that coverage "early" (before the home is foreclosed on). Since pmi doesn't have to do this, they usually want an incentive. This incentive is typically in the form of a promissory note or cash contribution from the seller. Since we all know that sellers in short sales don't have any money, and in some cases wouldn't owe anything if they let the home go to foreclosure, they sometimes can't or won't sign a promissory note or bring cash to closing.
This whole scenario can sometimes cause a perfectly good short sale to end up in foreclosure. Who wins in this case? The bank doesn't win because they generally get 20% less in a foreclosure than a short sale. The buyer doesn't end up with the house they fell in love with. The seller ends up with a foreclosure on their record. Home prices in the area are affected by the foreclosure. The economy suffers. The only one who doesn't have any skin in the game is the pmi company. Depending on the scenario, they end up paying out the same amount either way. Their greed in wanting to get something extra out of someone who is already in distress is causing everybody else to lose. Check out one such case in an article on NPR.
If you or somebody you know is in distress, please call us. 503-270-5587
Laurelhurst homes for sale Portland, OR. Did you say you want vintage? Historic? Individual? In Portland, Oregon that's the Laurelhurst neighborhood. Few places in any city have the personality and stunning beauty that is provided by the hundreds of classic homes that populate Laurelhurst. From Old PDX style to Craftsman to Bungalow, you'll find character in the homes in Laurelhurst.
Walking and biking friendly, the Laurelhurst area is minutes from amzing downtown Portland to the west and the shopping excellence of the Lloyd district to the northwest. It also borders Belmont Street and is close to the city's Hawthorne area and their neat little shops and restaurants with unusual cuisine.
Wide, shaded streets twist through the area and are lined with huge, old trees and gorgeous flower-packed gardens. And then there's Laurelhurst Park. Even in Portland, Oregon - a city known for its many, many beautiful parks - the 25 acre Laurelhurst Park stands out as one of the city's crown jewels.
If you're looking for a great place to live, this could be it.
A couple of years ago most of my short sales would have ended with no deficiency judgments for the home seller. Nowadays that's still my ultimate goal, but it's not quite the foregone conlusion that it used to be. A lot depends on who the lien holder is and the financial condition of the seller. Some lenders will not change the language on their approval letters no matter what you threaten. That being the case, I always ask my clients prior to listing their home for short sale what their plan is regarding deficiency. If the approval letter comes back without any guarantee that there will be no deficiency possibility, what do they intend to do? This helps me better advise them of the chances of success for a short sale. Some people will still likely continue because their credit is so important that they are willing to risk the deficiency possibility. Some people have both a first and 2nd and in some instances the 2nd can still pursue them for a judgment no matter what (at least in my state).
This is also a question any buyer's agent should ask a listing agent on a short sale. "What are the sellers plans if there is a deficiency?" This way if you know the seller won't continue with a short sale unless the lender agrees to "no deficiency" and the bank is one that won't guarantee this, then the buyer's agent's client won't likely get the house. They should then go ahead and move on.
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According to RMLS of Oregon:
Comparing March 2010 with the previous month, February 2010, closed sales drastically increased 77.2% (1,799 v. 1,015) and pending sales grew 29.8% (2,402 v. 1,850).
Who says the tax credit isn't impacting our market?
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